Wells Fargo poised to wipe out CEO's bonus

The bonuses of Wells Fargo's topmost executives are on the chopping block as the bank continues to dig out from its fake account scandal.

Wells Fargo's board of directors is expected to soon decide to eliminate annual bonuses for CEO Tim Sloan, Chief Financial Officer John Shrewsberry and other senior executives, a person familiar with the matter confirmed to CNNMoney.

"We've got a very proud history, but we've made some mistakes," Sloan said on Wednesday while appearing at the Yahoo Finance All Markets Summit.

Sloan called Stumpf a "friend" and a "fine man," adding that he wishes the longtime CEO "all the success in the world."

But Sloan said Stumpf's decision to step down was the "right thing for the company" because it allowed Wells Fargo to move forward. "He'd be the first to admit he made mistakes," Sloan said.

Now that he's in charge, Sloan's focus is on rebuilding trust and making sure "something like this never happens again."

Sloan's 2016 compensation hasn't been released yet, but the Wells Fargo boss made $11 million in total compensation in 2015. That included a base salary of $2 million, bonuses and long-term stock rewards.

"I have the greatest job in the world. It's an honor to be the CEO of Wells Fargo," Sloan said.